Market Review. Results of the Day. 11/05/2018

May 11, 2018

BTC $8587.13

ETH $682.00

XRP $0.6906

BCH $1404.70

LTC $140.28

EOS $14.99

Technical analysis

Major cryptocurrencies are in the red zone today. EOS is worse than the rest of the market, decreased by 18.3%. Trading volumes significantly grew. Growing trading volumes along with decreasing prices as well as breakdowns of support level indicates that there is a reversal of the medium-term growing trend. One should abstain from medium term buys (several weeks or month) in the coming days. It is worthy to wait for a turn and a new growth. 

BTC resistance level is $9,400.

ETH resistance level is $760.

XRP resistance level is $0.80. Ripple lead the pack today and was the first to break down its support level. XRP reached the target of the fall of $0.65, that was followed by a correction. The most likely scenario is a new fall in the coming days. 

EOS resistance level is $17.00. A strong growing trend has ended. A natural correction is coming next. The nearest target level is $12.00.

News review

The largest South Korean cryptocurrency exchange Upbit was raided by the local police over suspected fraud. The police accused the exchange of deceiving investors. Upbit is currently at the 4th place by the 24-hour trading volume.

Famous billionaire and a bitcoin supporter Mike Novogratz launched a cryptocurrency index Bloomberg Galaxy Crypto Index (BGCI) in cooperation with Bloomberg.

Robinhood wants to raise $363 million for the launch of the largest cryptocurrency trading platform. 

Hackers exploited a vulnerability of the outdated version of CMS Drupal and integrated mining malware in more than 400 websites.

Blockchain standards in China will be emerged in 2019. 


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